Brazil expects corn demand to continue to be dynamic

The corn contract for March 24 on Euronext/Matif rose to 208.50 euros/t yesterday. This means that the front month recorded an increase of 2.75 euros/t and was also able to push up spot market prices a little. As with wheat, the price of corn was driven yesterday primarily by news that a Russian missile hit a civilian freighter carrying iron ore from Odessa to China. Prices on the CBoT also rose significantly. Positive targets for wheat and soy are supporting the market. The news that Mexico purchased a further 270,000 tons of corn from the United States also boosted share price developments. Analysts expect a wide range for today's WASDE, but on average, according to analysts' opinions, global ending stocks are likely to be revised downwards. US ending stocks, however, are expected to be slightly higher. Brazil's industry association Anec expects exports of 8.35 million tons for November and is therefore still optimistic. If the forecast is correct, Brazil would export around 3 million tons more than in November 2022.Pre-market, the corn contracts on the CBoT are hardly moving this morning, they are trending slightly weaker at the hour, but a clear trend is not yet foreseeable.

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